Blockchain Technology: Application And Development In Five Different Key Industries

Blockchain technology creates a revolution in many areas other than the banking sector. It is used by representatives of various industries: automobile and insurance companies, government organizations, retail chains, transportation industry and others. Large players in different markets are united in alliances to create cross-industrial platforms for more secure interaction.

The main advantage of blockchain technology is that it allows you to record and save data so that it will be almost impossible to fake or distort it. This data is simultaneously stored on the computers of all participants of the blockchain. In order to forge any record, at least 50% + 1 computers connected to the network would have to be hacked. The attackers are not interested in doing this, because such an attack will be difficult and too costly. Therefore, the blockchain is considered a very reliable way to store data.

In 2018, many people continue to be attached to the Bitcoin, whose history seems much more important than the blockchain. The blockchain technology underlying it has the unique ability to change the world. This is an open, distributed transaction database that can be considered an irreplaceable digital ledger. The use of blockchain technology in various industries provides endless opportunities to make everything that we do safer, more efficient and faster.

Electricity of the net

What if outdated, collapsing electrical networks could be replaced with automatic, efficient, environmentally friendly and affordable systems that could counter the devastating effects of hurricanes and other extreme weather events associated with climate change?

Blockchain offers a way of developing the future. Already, in the American city of Brooklyn and in some other areas of the United States, innovators are experimenting with block networks that allow anyone who has a solar panel to buy and sell energy. All processes are performed using smart contracts based on data obtained through smart meters installed in homes. All transactions are checked and carried out within the framework of blockchains, and the absence of public intermediary companies leads to lower prices and increased efficiency.

Real Estate

Anyone who has ever bought a house knows how many steps and the headaches the process entails. But the blockchain has the necessary perspective to do it all online, safely and immediately. Sellers can safely transfer ownership and all documentation, and buyers send money in cryptocurrencies.

Blockchain is also able to provide a way to send ownership records to relevant government agencies. Experts say that block real estate applications talk about the essence of the technology, its unsurpassed and revolutionary potential for conducting instant and completely secure transactions.

Health care

Blockchain can create a future in which all of our health data, including visits to the doctor, prescriptions, ambulance calls, X-rays and insurance data, are protected and can be easily transferred between doctors. As the attending physicians change throughout their lives, this one will facilitate the process of exchanging information about patients. This can lead to the creation of a huge network of secure records that guarantee the safety of all personal information from the moment of birth and throughout a person’s life.

This system can also save lives. Emergency doctors will be able to quickly access information on the victim, including blood type, allergic reactions to certain medications, and even genetic data. This will speed up the adoption of important decisions that do not tolerate delay.

Such a system can revolutionize the level of medical care in developing countries that currently do not have a centralized or digitized database of medical records. Earlier, in 2018, five groups of health care professionals started a pilot project related to a blockchain development and its potential for use in health care.

Transport infrastructure

Blockchain has the potential to form smart cities by combining with IoT. Street signs, traffic lights, cars and other moving and static objects can be integrated into the internet and transmit information through sensors that will collect and transmit data. This will allow buses, trams, emergency, and municipal vehicles to be redirected in order to find the shortest routes and avoid traffic jams. The end result of this approach will be lesser congestion and lower carbon emissions. Drivers will also be able to easily find free parking spaces or charging stations for electric vehicles and report technical problems with the car.

Education

As the demand for distance learning grows, the world needs a more advanced system for checking graduates’ educational documents. The introduction of blockchain in this area can lead to the creation of a kind of virtual notary, guaranteeing the impossibility of falsifying diplomas with the aim of deceiving potential employers. Transcripts, diplomas, and certificates will be stored in a protected blockchain environment and can be easily sent to employers and other educational institutions. This will help improve the authority and reputation of educational organizations and provide employers with a guarantee of hiring truly qualified specialists.

Many industries will be able to feel the positive impact of the blockchain. Some of them will need it more than but other but a good number of industries will take advantage of this technology. The future is open, and the possibilities are endless. The most difficult feature of the blockchain development is human adaptation and the possibility of training talented specialists to work with this technology for companies of the new format. To take advantage of this technology, you can hire a blockchain developer to help you with blockchain applications for your business.

Urvish Macwan - A Team Leader honing Marketing strategy Cum Content crafter at Hyperlink Infosystem, one of the leading app development companies in New York, USA & India. Blend for the passion of writing and Marketing that makes him noise loud in digital marketing spectrum. He has the big appetite to read and write that helps to motivate many startup Indian App developers to reach out their apps to a maximum number of people.

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